TORONTO, ONTARIO--(Marketwired - Apr 11, 2017) - Changfeng Energy Inc., (TSX VENTURE:CFY) ("Changfeng" or the "Company"), an energy service provider in China, announced today that the Company has received Hainan provincial regulatory approval ("the approval") to increase natural gas sale price to its residential users, and non-residential users in Sanya City, Hainan Province, China.
With the approval, the maximum selling price to residential users increased, on average, 21%, while the maximum selling price to non-residential customers has increased approximately 8.9%. The Company is entitled to adjust its selling price based on its gas purchase cost and the market environment under the maximum selling price. This selling price increase is subject to the Sanya City Price Bureau's final approval before implementation.
The approval of increase in natural gas selling price could increase the sales of the Company's operation in Sanya Region.
Changfeng Energy Inc.
Changfeng Energy Inc. is a natural gas service provider with operations located throughout the People's Republic of China. The Company services industrial, commercial and residential customers, providing them with natural gas for heating purposes and fuel for transportation. The Company has developed a significant natural gas pipeline network as well as urban gas delivery networks, stations, substations and gas pressure regulating stations in Sanya City & Haitang Bay. Through its network of pipelines, the Company provides safe and reliable delivery of natural gas to both homes and businesses. The Company is headquartered in Toronto, Ontario and its shares trade on the Toronto Venture Exchange under the trading symbol "CFY". For more information, please visit the Company website at www.changfengenergy.com.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.